Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

James

<p class="is-style-lead">Crypto asset manager Grayscale has updated its S-3 filing for a spot Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) ETF.</p> 
<p>According to Bloomberg analyst James Seyffart, Grayscale <a href="https://twitter.com/JSeyff/status/1739765952105918813" target="_blank" rel="noopener">filed</a> an updated filing with the U.S. Securities and Exchange Commission (SEC) the same day Barry Silbert — CEO of parent company Digital Currency Group —&nbsp;announced his resignation from Grayscale’s board of directors.</p> 
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 <p>“Even Grayscale is accepting the SEC’s Cash-only creation/redemption edict. Looks like they’re bending the knee.”</p> <cite>James Seyffart, Bloomberg analyst </cite>
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<p>Some crypto market commentators have speculated that Silbert’s departure could significantly increase the chances of Grayscale successfully converting its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, which is currently awaiting an SEC decision.</p> 
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   <p lang="en" dir="ltr">Barry's resignation was <a href="https://twitter.com/Sonnenshein?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@Sonnenshein</a>'s X-Mas gift.<br><br>What to make of <a href="https://twitter.com/bsilbert?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@bsilbert</a> resigning from Grayscale?<br><br>Grayscale has had 9 meetings with the SEC per the table below (h/t <a href="https://twitter.com/JSeyff?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@JSeyff</a>)<br><br>Today, there are only allegations against DCG which have not been resolved in a court of law.… <a href="https://t.co/d7tZFFAOoU" target="_blank">https://t.co/d7tZFFAOoU</a> <a href="https://t.co/NjjdWq0F3a" target="_blank">pic.twitter.com/NjjdWq0F3a</a></p>— Ram Ahluwalia CFA, Lumida (@ramahluwalia) <a href="https://twitter.com/ramahluwalia/status/1739662164313473303?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 26, 2023</a>
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<p>Aside from Silbert’s resignation, according to Bloomberg ETF senior analyst Eric Balchunas, the most notable element of the amended S-3 filing was that <a href="https://crypto.news/tag/Grayscale/">Grayscale</a> had “finally given in” to the cash creation model.</p> 
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   <p lang="en" dir="ltr">Grayscale finally surrendering to cash-only creations, was a big holdout. Pretty sure they have an AP agreement (a crucial last step) so that would check all the boxes. That said, still a mystery whether they will be allowed to go on day one of the Cointucky Derby <a href="https://t.co/Wm7TfD3zkP" target="_blank">https://t.co/Wm7TfD3zkP</a></p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1739795624755708298?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 26, 2023</a>
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<p>On Dec. 26, Silbert <a href="https://crypto.news/dcg-founder-barry-silbert-steps-down-from-grayscale-board/">left</a> the board of directors of the project’s subsidiary, Grayscale Investments. </p> 
<p>Why Silbert decided to distance himself from Grayscale is unknown. </p> 
<p>Previously, the businessman found himself at the center of several scandals. From the end of 2022 to the beginning of 2023, Silbert <a href="https://crypto.news/geminis-cameron-winklevoss-calls-for-dcg-ceo-barry-silberts-removal/">became</a> a participant in a conflict that broke out between DCG and the <a href="https://crypto.news/tag/Gemini/">Gemini</a> crypto exchange; and in June 2023, he was suspected of financial fraud.</p> 
<p> Read more: <a href="https://crypto.news/gemini-accuses-barry-silberts-dcg-of-fraudulent-practices/"> Gemini: Barry Silbert’s DCG continues to ‘gaslight creditors’ </a> </p>

Grayscale updates spot Bitcoin ETF filing amid Silbert’s resignation

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